Out-of-Town: Team Valley Shopping Park, Gateshead
Team Valley Shopping Park, Gateshead
Client: Land Securities
Instruction: Asset management
We introduced the opportunity to purchase Retail World, Team Valley to Land Securities in 1996 and successfully advised them on the investment purchase for £47 million. Thereafter, we advised Land Securities on a number of asset management initiatives on this retail park that has an Open A1 non-food planning permission.
A number of new tenants were secured including Next, Boots, New Look, TK Maxx, Evans, Wallis, Sports Direct and most recently M&S Simply Food. Existing tenants were provided with their optimum stores in terms of size, while signage and facades were upgraded.
We identified additional land for extending the scheme and advised on purchase, planning, development and pre-letting. Rent reviews were progressed, taking rents to £38.00 psf reflecting the growth in rental value created by the new lettings.
The scheme was successfully re-branded as Team Valley Shopping Park providing 379,200 sq ft of retail accommodation. The results of our asset management initiatives have therefore resulted in a significant improvement in tenant mix, a substantial uplift in trading and turnover and a major increase in investment value during our fourteen years of instruction.